Barnum’s pamphlet was published in 1880, squarely between two major financial panics linked to stock bubbles. 1873 wiped out thousands of businesses and triggered the Great Railroad Strike of 1877, crushed by federal troops. The Panic of 1893 would come a few years later. In both cases, the likes of Rockefeller, Carnegie, Morgan, etc. used the chaos to consolidate monopolies, buying distressed assets at rock-bottom prices.

The private rules for the Robber Barons were almost the exact opposite of Barnum’s advice (build skills, avoid debt, work hard, be honest):

1. Control the Vocation of Others: Ensure you own the system in which others work. Vertical and horizontal integration of your businesses is the mechanism by which you ensure all the value created by labor ends up in your pocket.

2. Use Other People's Debt as a Weapon: Strategic debt is your friend, and you can generate corporate debt so vast it becomes a systemic threat. Ensure you have access to pools of capital, so that during a a panic you can buy assets for pennies on the dollar. Inflate the stock price of your holding company far beyond its actual assets, and become a giant creditor. If your debt-financed bet fails, ensure the bag is held by the public. Privatize the gains, socialize the risks.

3. Whatever You Own, Defend With All Your Political Might: You need the ability to shape legislation, control the courts, and deploy state violence to protect your assets and destroy competition. Bribery, lobbying and blackmail are your tools. Those political expenditures are your real insurance policy when your assets are threatened by populist anger or economic chaos, and will also grease expansion into new markets and help you capture foreign resources (oil, bananas, etc.).

4. Control the Definition of Integrity: Never break the law and steal from business partners; instead, change the laws to make your actions legally defensible in court. Claim that the only integrity that matters is the confidence of the capital markets. Stock manipulation, bribery of politicians, and crushing competition with frivolous patent lawsuits are just enterprise, public service, and fairness. Your integrity is your public image as a builder and a captain of industry. Hire biographers and buy newspapers to tell this story.

Finally, blame the victim. Tell the destitute it’s their own fault that they hadn’t figured out how to successfully navigate a system designed to strip their wealth from them and hand it over to the monopolists. This same self-help message of ‘individual responsibility for your economic condition’ is constantly pumped out to the American public today by an endless stream of self-help books in the Robber Baron 2.0 era, and for the same reasons.